I didn’t want to let the latest cockamamie Fed idea for “sterilized” bond buying pass without a comment. A Wall Street Journal story explained that somehow the Fed will buy more long-term bonds, print new money and then borrow the money back so it doesn’t cause inflation.

It’s all a lot of hooey. Typical Fed tinkering. It can’t seem to help itself. The dollar has already fallen about 1 percent since this story broke. Gold has jumped.